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- March 2024
- Tutorial
FRC: The Balanced Scorecard
By: Trevor Fetter
This brief video tutorial explains the concept and application of The Balanced Scorecard, developed by Prof. Robert Kaplan of HBS. It has been used in the MBA required course, Financial Reporting and Control.
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- 2023
- Working Paper
When Insurers Exit: Climate Losses, Fragile Insurers, and Mortgage Markets
By: Pari Sastry, Ishita Sen and Ana-Maria Tenekedjieva
This paper studies how homeowners insurance markets respond to growing climate losses and how this impacts mortgage market dynamics. Using Florida as a case study, we show that traditional insurers are exiting high risk areas, and new lower quality insurers are...
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Keywords:
Insurance;
Natural Disasters;
Governing Rules, Regulations, and Reforms;
Insurance Industry;
Florida
Sastry, Pari, Ishita Sen, and Ana-Maria Tenekedjieva. "When Insurers Exit: Climate Losses, Fragile Insurers, and Mortgage Markets." Harvard Business School Working Paper, No. 24-051, February 2024. (SSRN Working Paper Series, No. 4674279, December 2023.)
- January 2024
- Case
ECOALF: Fashion for the Future
By: Elizabeth A. Keenan, Diego Aparicio, Carlota Moniz and María José Satrústegui
ECOALF, a Spanish fashion brand and sustainability pioneer, aimed to tackle the industry's challenges of excessive consumption and production. The brand's mission was to create timeless apparel exclusively from recycled and eco-responsible materials, matching the...
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Keywords:
Business Growth and Maturation;
Business Model;
Decisions;
Business Earnings;
Profit;
Growth and Development Strategy;
Communication Intention and Meaning;
Values and Beliefs;
Mission and Purpose;
Competition;
Climate Change;
Environmental Sustainability;
Social Marketing;
Marketing Channels;
E-commerce;
Corporate Social Responsibility and Impact;
Fashion Industry;
Spain;
Germany;
Italy;
Europe;
United States
Keenan, Elizabeth A., Diego Aparicio, Carlota Moniz, and María José Satrústegui. "ECOALF: Fashion for the Future." Harvard Business School Case 524-057, January 2024.
- January 2024 (Revised March 2024)
- Case
Silicon Valley Bank: Gone in 36 Hours
This case examines factors contributing to the collapse of Silicon Valley Bank (SVB) in March 2023, an event as unpredicted as it was quick. SVB funded nearly half of all U.S. venture-backed startups and at the end of 2022 held $173 billion in deposits, largely...
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Keywords:
Accounting Standards;
Financial Statements;
Risk Management;
Bank Runs;
Financial Accounting;
Financial Reporting;
Social Media;
Banks and Banking;
Financing and Loans;
Investment Portfolio;
Interest Rates;
Debt Securities;
Risk and Uncertainty;
Financial Services Industry;
United States
Kang, Jung Koo, Krishna G. Palepu, Charles C.Y. Wang, and David Lane. "Silicon Valley Bank: Gone in 36 Hours." Harvard Business School Case 124-001, January 2024. (Revised March 2024.)
- January 2024
- Supplement
Accounting Red Flags or Red Herrings at Catalent? (B)
By: Joseph Pacelli, ZeSean Ali and Tom Quinn
GlassHouse Research identified accounting red flags at Catalent. Fiat Lux Partners countered most of GlassHouse’s claims. Who was right? This update explores the aftermath of the short seller duel.
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Keywords:
Accounting Audits;
Acquisition;
Budgets and Budgeting;
Business Earnings;
Earnings Management;
Cost Accounting;
Fair Value Accounting;
Financial Reporting;
Revenue Recognition;
Integrated Corporate Reporting;
Fairness;
Moral Sensibility;
Values and Beliefs;
Government Legislation;
Conflict of Interests;
Announcements;
Blogs;
Debates;
Lawsuits and Litigation;
Stocks;
Performance Productivity;
Pharmaceutical Industry;
Accounting Industry;
United States
Pacelli, Joseph, ZeSean Ali, and Tom Quinn. "Accounting Red Flags or Red Herrings at Catalent? (B)." Harvard Business School Supplement 124-055, January 2024.
- December 2023
- Article
Brokerage Relationships and Analyst Forecasts: Evidence from the Protocol for Broker Recruiting
By: Braiden Coleman, Michael Drake, Joseph Pacelli and Brady Twedt
In this study, we offer novel evidence on how the nature of brokerage-client relationships can influence the quality of equity research. We exploit a unique setting provided by the Protocol for Broker Recruiting to examine whether relaxed broker non-compete agreement...
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Keywords:
Brokers;
Analysts;
Forecasts;
Bias;
Protocol;
Investment;
Research;
Forecasting and Prediction
Coleman, Braiden, Michael Drake, Joseph Pacelli, and Brady Twedt. "Brokerage Relationships and Analyst Forecasts: Evidence from the Protocol for Broker Recruiting." Review of Accounting Studies 28, no. 4 (December 2023): 2075–2103.
- November 2023
- Supplement
Accounting Outages at Plug Power? (C)
By: Jonas Heese, Joseph Pacelli and James Barnett
Set in June 2023, the C case explores Plug Power’s recovery from its financial restatements, how it benefited from government subsidies, and new strategic alliances.
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Keywords:
Environmental Accounting;
Financial Reporting;
Ethics;
Finance;
Management;
Social Enterprise;
Energy Industry;
Green Technology Industry;
United States;
Europe
Heese, Jonas, Joseph Pacelli, and James Barnett. "Accounting Outages at Plug Power? (C)." Harvard Business School Supplement 124-019, November 2023.
- November 2023 (Revised April 2024)
- Case
BiomX: Bringing Phage Back to the Stage
By: Paul A. Gompers, Elie Ofek, Orna Dan and Emilie Billaud
In the spring of 2023, and following the favorable results of a trial involving its phage cocktail for treating lung infections among cystic fibrosis (CF) patients, the leadership of BiomX had several critical issues to wrestle with. First, given its precarious...
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Keywords:
Working Capital;
Financing and Loans;
Health Testing and Trials;
Product Development;
Research and Development;
Science-Based Business;
Commercialization;
Biotechnology Industry;
Pharmaceutical Industry
Gompers, Paul A., Elie Ofek, Orna Dan, and Emilie Billaud. "BiomX: Bringing Phage Back to the Stage." Harvard Business School Case 524-051, November 2023. (Revised April 2024.)
- November 2023
- Article
When Executives Pledge Integrity: The Effect of the Accountant's Oath on Firms' Financial Reporting
By: Jonas Heese, Gerardo Pérez Cavazos and Caspar David Peter
We study the effect of executives’ pledges of integrity on firms’ financial reporting outcomes by exploiting a 2016 regulation that requires holders of Dutch professional accounting degrees to pledge an integrity oath. We identify chief executive officers (CEOs) and...
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Heese, Jonas, Gerardo Pérez Cavazos, and Caspar David Peter. "When Executives Pledge Integrity: The Effect of the Accountant's Oath on Firms' Financial Reporting." Accounting Review 98, no. 7 (November 2023): 261–288.
- October 2023 (Revised March 2024)
- Case
KOKO Networks: Bridging Energy Transition and Affordability with Carbon Financing
By: George Serafeim, Siko Sikochi and Namrata Arora
The problem was massive: two million hectares of African forests were lost annually to charcoal production for cooking, an area equivalent to 13 times Greater London, resulting in one billion tons of carbon emissions yearly. At the same time, an estimated 700,000...
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Keywords:
Africa;
Clean Tech;
Energy;
Sustainability;
Health;
Digital;
Carbon Credits;
Carbon Offsetting;
Market Design;
Regulation;
Climate Change;
Entrepreneurship;
Energy Industry;
Consumer Products Industry;
Africa
Serafeim, George, Siko Sikochi, and Namrata Arora. "KOKO Networks: Bridging Energy Transition and Affordability with Carbon Financing." Harvard Business School Case 124-022, October 2023. (Revised March 2024.)
- October 2023 (Revised April 2024)
- Case
Accounting Red Flags or Red Herrings at Catalent? (A)
By: Joseph Pacelli, ZeSean Ali and Tom Quinn
Fund manager Janet Curie asked for a recommendation about the pharmaceutical company Catalent. The company seemed like a solid investment. However, a pair of research reports issued over the previous two months complicated this narrative. GlassHouse Research, a short...
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Keywords:
Accounting Audits;
Budgets and Budgeting;
Business Earnings;
Earnings Management;
Cost Accounting;
Fair Value Accounting;
Financial Reporting;
Revenue Recognition;
Integrated Corporate Reporting;
Fairness;
Moral Sensibility;
Values and Beliefs;
Government Legislation;
Conflict of Interests;
Forms of Communication;
Announcements;
Blogs;
Debates;
Pharmaceutical Industry;
Accounting Industry;
United States
Pacelli, Joseph, ZeSean Ali, and Tom Quinn. "Accounting Red Flags or Red Herrings at Catalent? (A)." Harvard Business School Case 124-024, October 2023. (Revised April 2024.)
- October 2023 (Revised January 2024)
- Case
Ball: EVA Driving the World's Leading Can Manufacturer (A)
By: Jonas Heese and Susan Pinckney
The case describes Ball’s multi decade history of using Economic Value Added to drive decision making and workforce compensation. In 2016, the company acquired Rexam PLC and became the world’s leading metal beverage container company. Consumer demand for varied...
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Keywords:
Budgets and Budgeting;
Cost Accounting;
Financial Reporting;
Financial Statements;
Buildings and Facilities;
Green Building;
Mergers and Acquisitions;
Customer Satisfaction;
Decisions;
Forecasting and Prediction;
Machinery and Machining;
Asset Pricing;
Corporate Finance;
Capital;
Cost;
Financial Management;
Goods and Commodities;
Compensation and Benefits;
Executive Compensation;
Employee Relationship Management;
Goals and Objectives;
Resource Allocation;
Business Strategy;
Corporate Strategy;
Food and Beverage Industry;
United States;
Arizona;
California;
Texas
Heese, Jonas, and Susan Pinckney. "Ball: EVA Driving the World's Leading Can Manufacturer (A)." Harvard Business School Case 124-002, October 2023. (Revised January 2024.)
- October 2023
- Case
Kevin O'Leary: Building a Brand in Shark-infested Waters
By: Reza Satchu and Patrick Sanguineti
For more than fifteen years, successful Canadian entrepreneur and investor Kevin O’Leary had developed his brand into a global powerhouse. Since his first appearance on the Canadian television program Dragons’ Den in 2006 and his meteoric rise to stardom through the...
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Keywords:
Personal Brand;
Crisis;
Brands and Branding;
Entrepreneurship;
Crisis Management;
Social Media;
Public Opinion;
Power and Influence;
Financial Services Industry
Satchu, Reza, and Patrick Sanguineti. "Kevin O'Leary: Building a Brand in Shark-infested Waters." Harvard Business School Case 824-095, October 2023.
- September 2023 (Revised January 2024)
- Case
Icahn Enterprises: Ponzi Scheme or Sound Investment
By: Aiyesha Dey, Jonas Heese and James Weber
Icahn Enterprises, a publicly traded limited partnership founded and operated by famed activist investor Carl Icahn, had earned above market returns for over a decade. Between 2018 and early 2023, it had a compound annual return of 31%. Icahn invested in undervalued...
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Dey, Aiyesha, Jonas Heese, and James Weber. "Icahn Enterprises: Ponzi Scheme or Sound Investment." Harvard Business School Case 124-013, September 2023. (Revised January 2024.)
- September 2023
- Module Note
Live Case Exercise for Financial Reporting
By: Tatiana Sandino and Marshal Herrmann
Harvard Business School employs the case method as a cornerstone of its pedagogy, providing students with opportunities to engage in discussions related to difficult or contentious decisions confronted by real-world organizations. In this “live case,” we depart from...
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- September 2023
- Article
Stock Price Reactions to ESG News: The Role of ESG Ratings and Disagreement
By: George Serafeim and Aaron Yoon
We investigate whether ESG ratings predict future ESG news and the associated market reactions. We find that the consensus rating predicts future news, but its predictive ability diminishes for firms with large disagreement between raters. Relation between news and...
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Keywords:
ESG;
ESG (Environmental, Social, Governance) Performance;
ESG Disclosure;
ESG Ratings;
ESG Reporting;
ESG Disclosure Metrics;
Sustainability;
Investments;
Disagreement;
Rating Disagreement;
Ratings;
Environmental Sustainability;
Social Issues;
Corporate Social Responsibility and Impact;
Performance;
News;
Investment;
Financial Markets;
Stocks;
Price
Serafeim, George, and Aaron Yoon. "Stock Price Reactions to ESG News: The Role of ESG Ratings and Disagreement." Special Issue on RAST 2022 Conference. Review of Accounting Studies 28, no. 3 (September 2023): 1500–1530.
- 2023
- Working Paper
Toward Decision-Useful Carbon Information
By: Gunther Glenk
Companies are increasingly viewed as crucial drivers for timely decarbonization. Current accounting practices for greenhouse gas (GHG) emissions, however, often leave corporate carbon disclosures and abatement obscured. Here I introduce a taxonomy for assuring the...
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Keywords:
Carbon Emissions;
Decarbonization;
Carbon Accounting;
Net-zero Emissions;
Greenhouse Gas Emissions;
Environment;
Environmental Impact;
Management;
Sustainable Cities;
Corporate Disclosure;
Environmental Accounting;
Environmental Management;
Climate Change;
Financial Services Industry;
Financial Services Industry;
Financial Services Industry;
Financial Services Industry;
Financial Services Industry;
Financial Services Industry;
Financial Services Industry;
Financial Services Industry;
Financial Services Industry;
Financial Services Industry;
Financial Services Industry;
Financial Services Industry;
Financial Services Industry;
Financial Services Industry;
Europe;
North America;
South America;
Africa;
Asia
Glenk, Gunther. "Toward Decision-Useful Carbon Information." Harvard Business School Working Paper, No. 24-026, September 2023. (TRR 266 Accounting for Transparency Working Paper Series, No. 121, May 2023.)
- August 2023 (Revised November 2023)
- Case
Accounting Outages at Plug Power? (A)
By: Jonas Heese, Joseph Pacelli and James Barnett
Set immediately after a December 2019 short-seller attack, the case explores Plug Power’s long challenging history. It then focuses on two key issues raised in the short-seller report related to lease accounting and stock warrants that Plug purportedly used to boost...
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Keywords:
Environmental Accounting;
Financial Reporting;
Ethics;
Management;
Social Enterprise;
Investment;
Stocks;
Energy Industry;
Green Technology Industry;
United States;
Europe
Heese, Jonas, Joseph Pacelli, and James Barnett. "Accounting Outages at Plug Power? (A)." Harvard Business School Case 124-009, August 2023. (Revised November 2023.)
- August 2023 (Revised November 2023)
- Supplement
Accounting Outages at Plug Power? (B)
By: Jonas Heese, Joseph Pacelli and James Barnett
The case is set in spring 2021, immediately after Plug Power made financial restatements dating back to 2018. The case describes the restatements, which revealed that Plug was reclassifying expense items to boost gross profits.
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Keywords:
Environmental Accounting;
Financial Reporting;
Ethics;
Profit;
Management;
Social Enterprise;
Energy Industry;
Green Technology Industry;
United States;
Europe
Heese, Jonas, Joseph Pacelli, and James Barnett. "Accounting Outages at Plug Power? (B)." Harvard Business School Supplement 124-018, August 2023. (Revised November 2023.)
- July 2023 (Revised August 2023)
- Case
Revenue Recognition at Stride Funding: Making Sense of Revenues for a Fintech Startup
By: Paul M. Healy and Jung Koo Kang
The case explores the challenges of revenue recognition and financial reporting for Stride Funding (Stride), a fintech startup that has disrupted the student loan market. Stride leveraged proprietary machine learning and financial models to underwrite alternative...
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Keywords:
Revenue Recognition;
Financial Reporting;
Entrepreneurial Finance;
Business Startups;
Growth and Development Strategy;
Governance Compliance;
Accrual Accounting;
Financial Services Industry;
United States
Healy, Paul M., and Jung Koo Kang. "Revenue Recognition at Stride Funding: Making Sense of Revenues for a Fintech Startup." Harvard Business School Case 124-015, July 2023. (Revised August 2023.)